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Services for Real Estate Pros - Lisa D Church CPA, EA, MBA, NTPI Fellow
Taxpayers who requested an automatic extension to file their 2019 federal income tax returns may file anytime up until October 15, 2020. Remember, however, that an automatic IRS extension is only an extension to file tax returns, NOT an extension to pay any tax owed. Taxes not paid by the July 15...
As part of the federal government's COVID-19 (coronavirus) relief programs, the U.S. Treasury allowed many taxpayers with an IRS installment payment agreement, or a pending or accepted Offer-in-Compromise (OIC), to suspend payments between April 1 and July 15, 2020. The IRS recently confirmed tha...
You can use the IRS 'Where's my Refund' (https://www.irs.gov/refunds) tool to check the status of your refund. The 'Where's my Refund' tool is updated once daily, usually overnight. Your status is generally available within 24 hours upon the IRS receiving your e-filed return. If you have filed a ...
 Tax Benefits A taxpayer who spends significant time in activities related to real estate may qualify as a “real estate professional,” which can provide tax benefits.  Passive Loss Limits A passive activity is generally defined as a business activity without a minimum amount of “material particip...
The IRS has issued a reminder that time is running out to claim your 2016 tax refund if you did not file a 2016 federal return. The U.S. Treasury is currently holding unclaimed 2016 refunds totaling over $1.5 billion. The deadline to file a 2016 IRS return and claim your refund is July 15, 2020. ...
If you receive income that does not have taxes withheld, such as business, self-employment or investment income, you may need to make quarterly estimated tax payments to avoid incurring IRS penalties when you file your 2020 tax return. Ordinarily, the first two quarterly estimated tax due dates o...
A common problem with single-owner and other closely-held corporations is intermingling of funds. This occurs when a business owner/corporate shareholder uses his or her personal checking account for corporate deposits or payment of corporate expenses. Separation of funds can be a key in preservi...
The CARES Act that was signed into law on March 27, 2020 includes an important provision for taxpayers with various retirement accounts, including 401(k), 403(b), 457(b), traditional Individual Retirement Accounts (IRAs), and designated Roth accounts. For many taxpayers, the law waives their obli...
To help people undergoing hardships as a result of the COVID-19 crisis, the IRS has launched a set of new policies called the People First Initiative (PFI). The initiative provides temporary relief from certain payment obligations for many taxpayers, including those who either have an existing IR...
Veterans Affairs (VA) and Supplemental Security Income (SSI) Recipients: Register Dependents by May 5th to Receive Full Economic Impact Payment (EIP) Recipients of Veterans Affairs (VA) and/or Supplemental Security Income (SSI) benefits will automatically receive an Economic Impact Payment (EIP) ...

Lisa Church

IRS tax representation in Anne Arundel County, MD
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